Reminder: S&L crisis (brought to you in part by Neil Bush and the Keating 5)

[NoSheep]

From Wikipedia:

Lincoln Savings and Loan
The Lincoln Savings led to the Keating Five political scandal, in which five U.S. senators were implicated in an influence-peddling scheme. It was named for Charles Keating, who headed Lincoln Savings and made $300,000 as political contributions to them in the 1980s. Three of those senators – Alan Cranston (D-CA), Don Riegle (D-MI), and Dennis DeConcini (D-AZ) – found their political careers cut short as a result. Two others – John Glenn (D-OH) and John McCain (R-AZ) – were rebuked by the Senate Ethics Committee for exercising "poor judgment" for intervening with the federal regulators on behalf of Keating.<10>


Silverado Savings and Loan
Silverado Savings and Loan collapsed in 1988, costing taxpayers $1.3 billion. Neil Bush, son of then Vice President of the United States George H. W. Bush, was Director of Silverado at the time. Neil Bush was accused of giving himself a loan from Silverado, but he denied all wrongdoing.<2>

The US Office of Thrift Supervision investigated Silverado's failure and determined that Neil Bush had engaged in numerous "breaches of his fiduciary duties involving multiple conflicts of interest." Although Bush was not indicted on criminal charges, a civil action was brought against him and the other Silverado directors by the Federal Deposit Insurance Corporation; it was eventually settled out of court, with Bush paying $50,000 as part of the settlement, the Washington Post reported.<11>

As a director of a failing thrift, Bush voted to approve $100 million in what were ultimately bad loans to two of his business partners. And in voting for the loans, he failed to inform fellow board members at Silverado Savings & Loan that the loan applicants were his business partners.

Neil Bush paid a $50,000 fine and was banned from banking activities for his role in taking down Silverado, which cost taxpayers $1.3 billion. A Resolution Trust Corporation Suit against Bush and other officers of Silverado was settled in 1991 for $26.5 million.



Also: Here's an interesting discussion began by Octafish earlier this year

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=2922138&mesg_id=2922180

[blm]

1. Yep - unfortunately still too many DUers haven't grasped that what they think happened long ago

actually ended up to be continuing criminal operations by BushInc and their powerful elite allies...throughout the 90s and through to today.

And they could NOT have done it without the protection of a few powerful Democrats - especially in the 90s when they were most in danger of being fully exposed in the BCCI report that was released in Dec 1992.

[blm]

2. some are afraid to wake up and smell the coffee served to them by BFEE and their Dem allies.

.